Teledyne to Acquire Micropac
Teledyne Technologies (NYSE:TDY) announced an agreement to acquire Micropac Industries (OTC:MPAD) for $20.00 per share in an all-cash transaction valued at approximately $57.3 million. Founded in 1963, Micropac designs and manufactures microelectronic circuits, optoelectronic components, and sensor and display assemblies for military, aerospace, and medical applications. The transaction, unanimously approved by both companies' boards, is expected to close by the end of 2024. Stockholders holding approximately 75% of Micropac's shares have already approved the merger agreement.
Teledyne Technologies (NYSE:TDY) ha annunciato un accordo per acquisire Micropac Industries (OTC:MPAD) per 20,00 $ per azione in una transazione completamente in contante valutata circa 57,3 milioni di dollari. Fondata nel 1963, Micropac progetta e produce circuiti microelettronici, componenti optoelettronici e assemblaggi di sensori e display per applicazioni militari, aerospaziali e mediche. La transazione, approvata all'unanimità dai consigli di amministrazione di entrambe le società, dovrebbe chiudersi entro la fine del 2024. Gli azionisti in possesso di circa il 75% delle azioni di Micropac hanno già approvato l'accordo di fusione.
Teledyne Technologies (NYSE:TDY) anunció un acuerdo para adquirir Micropac Industries (OTC:MPAD) por 20,00 $ por acción en una transacción completamente en efectivo valorada en aproximadamente 57,3 millones de dólares. Fundada en 1963, Micropac diseña y fabrica circuitos microelectrónicos, componentes optoelectrónicos y ensamblajes de sensores y pantallas para aplicaciones militares, aeroespaciales y médicas. La transacción, aprobada unánimemente por los consejos de ambas empresas, se espera que se cierre a finales de 2024. Los accionistas que poseen aproximadamente el 75% de las acciones de Micropac ya han aprobado el acuerdo de fusión.
Teledyne Technologies (NYSE:TDY)는 Micropac Industries (OTC:MPAD)를 주당 20.00달러에 인수하기로 합의했다고 발표했습니다. 이 현금 거래의 가치는 약 5,730만 달러입니다. 1963년에 설립된 Micropac은 군사, 항공우주 및 의료용 응용 프로그램을 위한 마이크로 전자 회로, 광전자 부품 및 센서 및 디스플레이 조립품을 설계하고 제조합니다. 양사의 이사회가 만장일치로 승인한 이 거래는 2024년 말까지 완료될 것으로 예상됩니다. Micropac의 주식 약 75%를 보유한 주주들은 이미 합병 계약을 승인했습니다.
Teledyne Technologies (NYSE:TDY) a annoncé un accord pour acquérir Micropac Industries (OTC:MPAD) pour 20,00 $ par action dans le cadre d'une transaction entièrement en espèces d'une valeur d'environ 57,3 millions de dollars. Fondée en 1963, Micropac conçoit et fabrique des circuits microélectroniques, des composants optoélectroniques et des assemblages de capteurs et d'affichages pour des applications militaires, aérospatiales et médicales. La transaction, approuvée à l'unanimité par les conseils d'administration des deux sociétés, devrait être finalisée d'ici la fin de 2024. Les actionnaires détenant environ 75 % des actions de Micropac ont déjà approuvé l'accord de fusion.
Teledyne Technologies (NYSE:TDY) gab eine Vereinbarung bekannt, Micropac Industries (OTC:MPAD) für 20,00 $ pro Aktie in einer Bartransaktion zu erwerben, die mit etwa 57,3 Millionen Dollar bewertet wird. Micropac, 1963 gegründet, entwirft und stellt mikroelektronische Schaltungen, optoelektronische Komponenten und Sensor- und Anzeigegruppen für militärische, luft- und raumfahrttechnische sowie medizinische Anwendungen her. Die Transaktion, die einstimmig von den Vorständen beider Unternehmen genehmigt wurde, soll bis Ende 2024 abgeschlossen werden. Aktionäre, die etwa 75 % der Anteile von Micropac halten, haben dem Fusionsvertrag bereits zugestimmt.
- All-cash acquisition valued at $57.3 million
- Strategic expansion into complementary products for defense, space and healthcare markets
- 75% shareholder approval already secured
- Micropac will maintain its brand and facility operations
- None.
Insights
The
This bolt-on acquisition aligns well with Teledyne's existing portfolio and strengthens its position in defense, space and healthcare markets. While relatively small compared to Teledyne's
This acquisition strengthens Teledyne's defense and aerospace electronics portfolio at a important time when military modernization programs are driving demand for sophisticated microelectronic components. Micropac's specialized capabilities in optoelectronic components and sensor assemblies for military applications will enhance Teledyne's existing defense offerings.
The deal reflects ongoing consolidation in the defense electronics supply chain, where prime contractors increasingly prefer working with larger, well-capitalized suppliers. Maintaining Micropac's Texas facility preserves important manufacturing capabilities within the U.S. defense industrial base, a critical factor for military contracts requiring domestic production.
The transaction was unanimously approved by the Boards of Directors of Teledyne and Micropac, acting upon the recommendation of a special committee established by Micropac’s Board and comprised of independent directors. Stockholders of Micropac holding approximately
Micropac, founded in 1963, designs and manufactures microelectronic circuits, optoelectronic components, and sensor and display assemblies, primarily for military, aerospace, and medical applications.
“We will be delighted to welcome Micropac and its employees to the Teledyne family,” said Robert Mehrabian, Executive Chairman of Teledyne. “Micropac’s products are complementary to our own, and we serve common customers in defense, space and healthcare markets.”
“Micropac is proud to be joining Teledyne, and we view the combination as a natural next step in Micropac’s evolution,” said Mark King, Chairman, President and Chief Executive Officer of Micropac. “We are looking forward to leveraging Teledyne’s additional market reach and technical capabilities, while maintaining the Micropac name and continuing to operate from our new state-of-the-art facility in
Mesirow Financial, Inc. is acting as financial advisor to Micropac, and Haynes and Boone, LLP is serving as legal counsel to Micropac. McGuireWoods LLP is serving as legal counsel to Teledyne.
About Teledyne
Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Teledyne’s operations are primarily located in
About Micropac
Founded in 1963, Micropac is a diversified, high technology company located in
Additional Information and Where to Find It
In connection with the proposed acquisition, Micropac intends to file relevant materials with the SEC, including Micropac’s information statement in preliminary and definitive form. Micropac stockholders are strongly advised to read all relevant documents filed with the SEC, including Micropac’s information statement, because they will contain important information about the proposed transaction. These documents will be available at no charge on the SEC’s website at www.sec.gov. In addition, documents will also be available for free from Micropac by contacting its investor relations department at +1.972.272.3571.
Cautionary Statement Regarding Forward Looking Statements
This release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, with respect to management’s beliefs about the financial condition, results of operations and businesses of Teledyne and Micropac in the future. Forward-looking statements involve risks and uncertainties, are based on the current expectations of the management of Teledyne and Micropac and are subject to uncertainty and changes in circumstances. The forward-looking statements contained herein may include statements about the expected effects of Teledyne’s proposed acquisition of Micropac, the anticipated timing and scope of the proposed transaction and anticipated synergies related to the proposed transaction, and other strategic options. Forward-looking statements generally are accompanied by words such as “projects”, “intends”, “expects”, “anticipates”, “targets”, “estimates”, “will” and words of similar import that convey the uncertainty of future events or outcomes. All statements made in this communication that are not historical in nature should be considered forward-looking. By its nature, forward-looking information is not a guarantee of future performance or results and involves risks and uncertainties because it relates to events and depends on circumstances that will occur in the future.
Actual results could differ materially from these forward-looking statements. Many factors could change anticipated results, including the occurrence of any event, change or other circumstances that could give rise to the right of Teledyne or Micropac or both to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Teledyne or Micropac in connection with the merger agreement; the failure to satisfy any of the conditions to the proposed transaction on a timely basis or at all; the inability to complete the acquisition and integration of Micropac successfully, to retain customers and key employees and to achieve operating synergies, including the possibility that the anticipated benefits of the proposed transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Teledyne and Micropac do business; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the parties’ ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; changes in relevant tax and other laws; the inability to develop and market new competitive products; inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements and the providing of estimates of financial measures, in accordance with
Additional factors that could cause results to differ materially from those described above can be found in Teledyne’s Annual Report on Form 10-K for the year ended December 31, 2023, and its Quarterly Reports on Form 10-Q for the periods ended March 31, June 30 and September 29, 2024, all of which are on file with the SEC and available in the “Investors” section of Teledyne’s website, teledyne.com, under the heading “Investor Information” and in other documents Teledyne files with the SEC, and in Micropac’s Annual Report on Form 10-K for the year ended November 30, 2023, and its Quarterly Reports on Form 10-Q for the periods ended February 24, May 25 and August 24, 2024, all of which are on file with the SEC and in other documents Micropac files with the SEC.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Teledyne nor Micropac assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
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Jason VanWees
+1.805.373.4542
Source: Teledyne Technologies Incorporated
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